That's a really good question. From how I understand it, if you the homeowner have begun the foreclosure process, while it is going on you can still be the landlord of this property. However, you really want to speak with a good real estate attorney to get the best answer. I have several local real estate attorneys who are experts. Let me know if you'd like their contact information. I'd be glad to help you.... more
It's best to assemble a team of professionals if you want to pursue a foreclosure. It is possible to contact a bank directly, but does take persistence and a bit of investigating to find the answers. Bottom line, it's best to have a realtor to2516 help. I have had created successful experiences for my clients purchasing short sales and foreclosures. If you would like to discuss the steps to take or how the process works, I would be happy to walk you through it. Make sure you have an attorney experienced in foreclosures / short sales to help you as well.
Good luck! Feel free to contact me
Allison Murphy, Broker
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Licensed Illinois real estate agent... more
The tax assessor's office is often the most popular source for square footage information when determining the buildings square footage of a property however often this information is inaccurate, especially if the property was added on to over the years. In addition square footage that is below grade, as in the basement, even if finished is technically not supposed to be counted as livable square footage for purposes of tracking in the MLS, even though some agents and home owners will include. That being said, I find it is always helpful when compiling CMAs for my clients, to put together a spread sheet to include room count and size, along with lot size.....to get a more accurate assessment of the properties true square footage costs...which for the record in Wilmette right now is running around $344 a square foot up 6% from a year ago per Trulia's market trends information.... more
Even with the narrowing of lanes, Lake is still considered one of the busier streets in Wilmette since it is a major artery to both the highway (I94) and Sheridan Rd. To your question, have housing values increased and are they selling more quickly on Lake Ave.....yes as long as the home is priced to factor in the busier location, however that has more to do with the anemic inventory then the perception that traffic is less of an issue.... more
It is a pretty community with a low crime rate. The police force is friendly and helpful. However there is heroin in the village, so Wilmette is not immune to the problems that plague the city. We feel safe walking the streets after dark. It is quiet, although some might consider that a "con".
It is considered to have good schools, although we were distinctly disappointed with the quality of the middle school education, especially compared to our school district in suburban Detroit. We also felt that New Trier certainly is "known everywhere" but it seems to coast on this reputation. We moved here for New Trier and we were really disappointed. It did not live up to its reputation; our honor roll child was about 6 months behind in the sciences and math when she started university in Canada.
It is not especially friendly, unless you are from the village or known to be fabulously wealthy.
There is very little fast food in Wilmette, which our family believes to be a big advantage to living in Wilmette. There are a few restaurants.
There are a lot of green areas, such as Centennial Park, that are maintained well.
The drive into the city is HORRIBLE. If you work in the Loop, you need to allow 1.5 hours to be sure to arrive on time in rush hour, although the commute might take as few as 30 minutes or as many as 120 on rare occasions.
The Village appears to care more about developers than residents, and exercises a vigorous double standard in the rules it applies in this regard. It is onerous and expensive to get approval for home improvements.... more
I hate to break it to you. But real estate taxes on a small home can be $700- $800/month for a homeowner. Finding a home to rent in Wilmette at that price range does not exist. I suggest maybe adjusting your expectations. I wish you luck... more
The condos that are long the lake across from Plaza del Lago on Sheridan Road have these higher fees but there is actually a range within those buildings. You will see the rates can differ by several hundred dollars depending on which building and floor you are looking at. The buildings' are large, have several elevators, full-time staff, pools, indoor garages, beaches and beautiful landscaping that explain those fees. Often your HOA fee there is approximately 1% of your home's current value which studies have shown is a smart % for any homeowner to spend annually on upkeep of their home.
That being said, Wilmette has several other buildings in different neighborhoods with HOA fees at a fraction of those lake buildings'. I would be glad to show you several with fees around $300-$500/month. These other buildings are lovely and I have toured each of the ones as they have come on the market.
Located in Wilmette (and NOT in Kenilworth, despite its name), Kenilworth Gardens extends from Ridge Road at the east border, to Hunter at the west; and from Elmwood at the south end, to Beechwood at the north. The classic homes and lush landscaping have made Kenilworth Gardens a sought-after community for young families for many years.
The area was developed over 60 years ago, and originally featured mostly 3-bedroom homes. Since then, many of the homes have been tastefully expanded; and offer all the space and convenience todayâ€™s families are looking for. Many types of architecture can be found in Kenilworth Gardens, with no shortage of classic colonials!
Certainly the schools are a big part of the neighborhoodâ€™s appeal, as well; and include Harper Elementary School, the Ronald Knox Montessori School and New Trier High School. And easy access to the Kenilworth Metra stop is a big plus for commuters. An array of shops and restaurants are also within easy reach, including the nearby Old Orchard shopping center, and Plaza del Lago, among others.... more
The neighborhood known as the CAGE is comprised of Chestnut, Ashland, Greenwood and Elmwood and Forest Avenue (thatâ€™s where the acronym comes from.....leaving off the F..... however have heard a few of the locals endearingly refer to the area as CAGE-F!) between Sheridan Road on the East & Green Bay Road on the West, in Northeast Wilmette.
This beautiful, historic neighborhood is chock-full of gracious, typically older and well-maintained homes, lush landscapingâ€¦and those unforgettable cobblestone roads!! It tends to be one of the more expensive neighborhoods in Wilmette, for good reason! The desirable homes, and the areaâ€™s proximity to the Lake, parks and shopping, are second to none. Particularly noteworthy are the many Victorian â€œPainted Ladies,â€ located in the CAGE, which offer a beautiful alternative to the gracious Colonials.
Residents of the CAGE enjoy access to Central School, the largest of Wilmetteâ€™s elementary schools. And the nearby Metra stop makes for a hassle-free business commute. Gillson Park along the Lake Michigan shore is a delight for all ages. Plaza del Lago offers shopping without the big mall headaches! And the wide array of diversions in Evanston, are just moments away by car or train.... more
Not sure if anyone hit on the fact that a major concern to a co-op buyer (I have sold many mainly in Chicago proper) would be that a lot of them do NOT allow you to rent them out, so if you may need that option make sure to check the building rules.... more
A foreclosure /auction is really you bidding aginst the bank that holds the mortgage. Many times a property listed for "auction" has a reserve price that must be met for the property to be sold.
There has been some good advice in the nswers you received. I will add that you should work with a professional Realtor when you are doing any kind of real estate transaction.... more
AAC: Not sure if you're still in the market but your question is timely and one that many more home buyers ought to ask before writing a contract. My experience has been that when buyers visit older homes they are often amazed at how the present owner "lived" (or "lives") in the house. Humans are quirky and able to put up with a lot of inconveniences. Often simple inertia takes over and we get along with the leaks, cracks or messes. One thing to know: in Northern Illinois, the (NSBAR) purchase contract contains a "Professional Inspection" clause. Once the contract is accepted, the buyer has 5 business days to have a pro inspect the house. The issues identified are negotiated; this often involves requests for credits or changes.
In your situation, and BEFORE writing a contract, you can ask to bring in a contractor/inspector who can identify issues to be aware of. This is not a true home inspection but rather due diligence on your part. Doing this home evaluation first accomplishes several things: (1) it arms you with info about the house that can shape your offer and set an upper limit on the price you are willing to pay; (2) it highlights items that may not be inspection issues (low water flow, cracked walls, etc.) that are more qualitative factors you would have to address as the new owner; (3) it can be a make-or-break decision point for you if you have another house in mind.
Items you 'll want to assess are the big ticket items: roofs, walls, machinery, carpentry work done professionally or otherwise; consider how the yard is graded and it's ability to move water away from the house. SMELL the basement - a great indicator if whether there has been/is a seepage problem. Ask about the sewer hook up and lines. (A really expensive project.) Tuckpointing, gutters...the list can get really long. I've found that if you can find a good contractor who also does home inspections, he may be your best firend. Let him know what your concerns are and ask him how he/she would evaluate an older home.
Old houses can be wonderful homes. I live in a house built before 1880. But I suggest "Caveat Emptor" be your guiding principle with homes in lesser shape.